Actionable insights are changing the way businesses run. Data proliferation has become common, and companies are using data analytics for many business functions, like uprooting technological silos through data migration, basing segment-targeted product customization on granular data, and scaling digital platforms to cross-sell or upsell.
Per a recent survey, data-driven organizations enjoy not only operational effectiveness, but also increased profits and enhanced customer satisfaction, being 23 times more likely to acquire new clients and 6 times more likely to retain existing ones.
Analytics enable insights for driving strategic decision-making, allowing managers to not just make faster, more effective decisions, but also understand business dynamics and market shifts, spot anomalies, and manage risks accordingly. Instead of making ad hoc decisions — often on a ‘gut feeling’ — organizations can use statistical reasoning to improve efficiencies, boost sales efforts, and improve customer satisfaction.
Inspiro’s CX analytics bring companies these advantages and more, through:
- Data mining: We collect and assess masses of unstructured customer interaction data, organizing it into useful information.
- In-depth analysis: Classifying information into categories and sub-categories, we build a deeper understanding of customers’ needs, wants, and expectations.
- Analytics: Our cloud-based analytics platform and statistical methods provide quick, intuitive visualization of insights, such as consumer trends and patterns.
- Applied insights: Our CX analytics can turn insight to action, empowering companies to mitigate risk, streamline processes, and seize opportunities.
Inspiro recently helped a bank with its credit card campaign, optimizing transaction sequence ordering by identifying factors that influence call activation. We used predictive insights to analyze call recordings for common call sequence trends, including data parameters associated with spending behavior, demographic information, and financial standing. The model accurately predicted that clients with high account balances can be expected to activate their cards earlier. Through Applied Insights, we identified top call patterns, which allowed us to optimize internal processes, so that speed to reach activation targets improved by a substantial 33%.
Another bank client wanted to determine consumer patterns, to modify call instruction recordings and associated internal processes. Through Affinity Insights, we analyzed thousands of call recordings, identifying two call sequence patterns: card activation and balance inquiry. We also found that customers who asked about their most recent transactions were more likely to also inquire about installment options. These insights reshaped the call flow process to include instructions for top call patterns, resulting in better customer inquiry resolution and a 10% reduction in agent call volume.
Through CX analytics, Inspiro bridges the gap from data to information to insight to action, driving business success and long-haul customer loyalty for our clients.